More apartments for Docklands

MAB Corporation has lodged plans for a $170 million residential project in Melbourne’s Docklands as part of its 10-year development pipeline at NewQuay.

The proposed MAB development includes 320 apartments in two stages. The project was designed by dKO Architects and has been lodged with the Victorian government for planning approval. MAB Corporation said the project would be finished within 18 months of planning approval.

Victorian Planning Minister
Matthew Guy
approved MAB’s $700 million master plan for the NewQuay Central Development Plan in July 2012. It takes in the former Waterfront City retail and leisure space, which NAB Corporation took over in 2011.

The Docklands Drive project comes as MAB, the City of Melbourne and Renew Australia aim to fill six or seven vacant spaces in the precinct, which has struggled to hold retail and food tenants, by offering spaces to start-ups and creative businesses rent free.

Renew Australia launched four years ago in Newcastle, with small enterprises signing rolling one-month tenancies with no outlays from the building owner.

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Renew Australia founder Marcus Westbury said the model was expanding nationally and was beneficial commercially and as a social enterprise. It drew pedestrian traffic, creates interest in the area and ultimately reduces the need for the building owner to gradually write down the asset values the longer it is not leased.

“Everyone knows it is much easier to lease premises when there is already someone in there," he said, adding there had been more than 70 enquiries from potential occupants.

MAB’s NewQuay project includes The Quays, a $350 million twin residential tower. More than 90 per cent of apartments have been sold and completion is expected by the end of this year. Another $250 million, 35,000 sq m commercial project of four buildings, The Quarter, is being leased through Savills and will accommodate 3500 office workers.